BANKING ANALYTICS

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Czech Republic's inflation, unemployment down in October

The Czech Republic's inflation and jobless
rates were down in October as the central European country braced for a fallout
of the global financial crisis, government data showed Monday.

The annual inflation rate dropped to 6 per
cent in October, from 6.6 per cent in September, mainly due to a slower rise in
transport and food costs, the Czech Statistical Office said.

Analysts expect the country's inflation to
drop by half next year, which would allow the central bank to further cut
borrowing costs that have been the lowest in the European Union, reported dpa.

Another cut "could be anticipated
early next year, in January or February", said Patria consultancy's chief
economist David Marek.

The central bank slashed the benchmark
two-week repo rate to 2.75 per cent on November 6 in a bid to boost country's slowing economy expected to cool further owing to falling demand amid
the turmoil on world markets.

The country's unemployment rate based on a
number of jobseekers registered with state labour authorities however fell to
5.2 per cent in October, from 5.3 per cent the previous month, the Labour and
Social Affairs Ministry said.

Czech Prime Minister Mirek Topolanek said
Monday that the Czech Republic does not face an immediate rise in unemployment
but could see job losses later due to the crisis.